Bitcoin (BTC) has made a significant move in the market as it shattered the crucial $27,200 level.
This breakout has sparked speculation among traders and investors about the future direction of Bitcoin’s price.
One key indicator to watch in the coming days is the 50-day Exponential Moving Average (EMA), which has the potential to act as a support level and trigger a potential bounce-off.
As Bitcoin continues its price action, market participants eagerly await further developments to assess the strength of the current bullish momentum.
Paul Tudor Jones: Bitcoin in the US Faces “Real Problem”
Billionaire hedge fund manager Paul Tudor Jones believes that Bitcoin is facing significant challenges in the United States due to the hostile regulatory environment.
Furthermore, his expectation of lower future inflation diminishes the positive outlook for the cryptocurrency.
Taking these factors into account, Jones expressed doubts about Bitcoin’s attractiveness in the coming months.
The regulatory landscape in the United States has undergone changes following the downfall of FTX in November 2022, leading to increased caution surrounding the cryptocurrency market.
Recent statements from hedge fund manager Paul Tudor Jones demonstrate a more cautious stance towards Bitcoin compared to his previous remarks.
He emphasized the importance of holding cash while expressing confidence in the Federal Reserve’s ability to address concerns about inflation.
While Jones acknowledged the impending challenges for Bitcoin, he also expressed belief in its long-term potential.
He noted that its main appeal lies in the fact that humans cannot manipulate its supply, which is why he intends to hold onto his Bitcoin holdings.
Bitcoin Price
Bitcoin is currently trading at $27,126, experiencing a 0.48 percent decrease on Tuesday. Following a two-day recovery, the BTC/USD pair faced some pressure on Tuesday, influenced by mixed sentiment prevailing in the market.
The $26,800 resistance level on the four-hour chart, which has now turned into a support level, presents a potential reversal point for Bitcoin.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), two important technical indicators, currently suggest that the market is coming into a buying zone.
This suggests that if Bitcoin manages to hold above the $26,800 level, there is a high probability of a bullish rebound targeting $27,800 or $27,500.
It is worth noting that the 50-day Exponential Moving Average (EMA) acts as a significant resistance point around $27,500, indicating that a bearish sentiment still prevails in the market.
This article was originally published by CryptoNews.
